1. Field of the Invention
The present invention relates to credit/debit cards, and more specifically, a method and system offering immediate replacement of lost or stolen credit/debit cards.
2. Related Art
The potential for fraud in case a credit/debit card is lost or stolen has been a major concern for the credit card companies and financial institutions as well as the customers and the providers of the goods and services. Hereinafter, reference to “credit” cards, unless otherwise noted, encompasses both credit and debit cards. There have been many developments in an effort to overcome this fundamental problem of fraud. The credit card companies have an efficient credit card fraud protection system which is working well to block a lost or stolen credit card. The credit card companies also have an efficient credit card replacement system which has been working well to issue and send a new credit card to the customer in case their card has been lost or stolen. Most credit card companies claim that they can replace a lost or stolen credit card within 24 to 48 hours, if the customer carries the emergency replacement feature. But this replacement time period of 24 to 48 hours can be critical in many situations where the customer might need his/her card immediately, for example, while traveling out of town or being in an emergency situation. Therefore, a need exists for an improved system for replacement of lost or stolen credit cards.